Trading
Tail risk cheap, but few takers
Market dislocation has created attractive tail risk hedging opportunities, but demand is failing to take off, writes Joti Mangat
Eurozone tension expected to cross the Atlantic
Attention of FX market participants is beginning to shift to the effects of the US presidential election and the impending "fiscal cliff"
US Treasury poised to finalise FX exemption
A decision to proceed with the exemption of FX swaps and forwards from clearing and exchange trading is understood to have been made, pending final CFTC product definitions expected this week
Spotlight on: Beng-Hong Lee, Deutsche Bank
Deutsche’s head of offshore renminbi in Shanghai talks to Joel Clark about his role in leading the bank’s efforts in the new currency, and where he believes the biggest opportunities and challenges lie
Reporting challenges remain as repositories move towards launch
Market participants continue to grapple with the challenges of reporting FX trades to a repository as regulatory deadlines begin to loom. Kathy Alys and Melanie White report
The rise of the red-back
Moves to automate the payment process are being matched by interest in RMB trade settlement. Saima Farooqi asks how much progress has been made so far, and talks to those with a yen for yuan
Amundi signs MIM for currency account
Risk-on, risk-off markets boost demand for active currency management
Currency manager platforms expand coverage of CTAs
Multi-manager platforms are expanding coverage of commodity trading advisers (CTAs), as clients look to gain exposure to this rapidly growing segment, say platform officials.
Keeping clear of euro fear
In today’s climate of euro uncertainty and policy risks, Merk Investments says to avoid crowded trades, writes Saima Farooqi
Schneider FX snapped up by Mexican forex provider
Monex Group has acquired UK-based Schneider FX with a view to expanding its global reach into Europe
Prices diverge as CVA exemption remains in limbo
Dealers face pricing headache as they wait to see whether Europe's version of Basel III will exempt corporate customers from the CVA capital charge
CME client clearing hits two more currencies
Following the clearing of the first NDF trade through CME Group in late April, the exchange has cleared client trades denominated in Chinese renminbi and the Philippine peso over the past month
FXall unconcerned by late entry into FX options
FXall’s chief executive Phil Weisberg recognises the firm has moved into options later than some of its competitors, but believes it will add value by having options integrated into its platform
FX Invest July-August edition now live
Managing currency risk in markets dominated by central bank monetary policy
Carry trade yields 5% annual returns
Carry trades can produce surprisingly high returns, but beware unexpected volatility shocks, write Lukas Menkhoff, Lucio Sarno, Maik Schmeling and Andreas Schrimpf
Lloyds combines mid-market and commercial sales management
Matthew Lawrence steps up to run both sales teams as mid-market sales head Kathryn Ball returns to Australia
Esma exemption provides corporate relief
Corporates relieved at Esma clearing exemption, but express concern about uncertainty over uncleared derivatives
FXall enables users to access bank algorithms
New functionality allows clients to route algorithmic and limit order requests to selected banks
Spotlight on: Douglas Pelton, Lufthansa
Douglas Pelton, treasury manager in the liquidity and risk management division at Lufthansa, talks about the German airline's currency exposures and the evolution of the e-FX business
QE3 will be positive for GBP
A new bout of quantitative easing might be positive for sterling, but will likely lead to dollar depreciation, argues Adam Cole
Trading Places, July 2, 2012
RBS loses EM research head, BAML appoints new EMEA investment banking co-heads and the New York Fed promotes Potter to markets group head
Nomura shakes up global FX role
The Japanese bank moves David Steck into a client relationship position, while introducing a co-head partnership for FX sales in the Americas
Libor manipulation lawsuits could cost banks ‘tens of billions’
Barclays' $450m settlement gives lawyers smoking gun evidence of attempts to tamper with benchmark rates
Investors seek alternative forex hedges for euro crisis
Australian dollar, renminbi and CE3 currencies touted as alternative macro hedges for European debt woes